What these reports are
APR publishes companies' annual financial statements and provides free access to documents for the most recent three reporting years. For a company with a calendar financial year, the regular 2025 statement reports the position at 31 December 2025. It is important to distinguish a company's own accounts from group documents: a number in a news headline without the document title rarely provides the full picture.
Why the figures are easy to confuse
Net profit is the year's result after income, expenses, interest, exchange-rate effects and tax. It is not the cash balance and does not automatically repay debt. The published Telekom Srbija accounts for 2025, cited by N1 and Danas, list RSD 24.78bn in net profit, compared with about RSD 10bn a year earlier. Danas separately reports operating profit of RSD 65.16bn and financial expenses of RSD 56.7bn; those figures show why growth in the core business and final profit can look different.
Loans, bonds and total liabilities
The published accounts at 31 December 2025 list about RSD 457.1bn in Telekom Srbija loans and borrowings; that line should not automatically include everything else. N1 separately lists RSD 97.55bn in corporate eurobonds, RSD 23.5bn in domestic bonds and RSD 15.87bn in leasing liabilities. Total liabilities of RSD 658.93bn are broader because they also include amounts owed to suppliers and other liabilities. A comparison of “profit versus debt” is useful only when it says exactly which debt measure it uses.
Current status
As of 11 July 2026, APR provides free access to publicly published reports for the most recent three reporting years and shows the status of a submitted filing. This note uses figures from Telekom Srbija a.d.'s 2025 report, published in early July. When comparing them with reporting on the Telekom Srbija group, it is important to distinguish a company's stand-alone accounts from a group's consolidated accounts: they are not interchangeable sets of figures.
Why it matters and what to watch next
Telekom Srbija has state ownership, so its results matter when assessing a public asset, but the company's debt alone does not state a budget obligation or the value of a state guarantee. The next comparison should look at new APR filings, maturity dates for loans and bonds, interest, cash flow, and separate decisions on guarantees or dividends. Those documents will show how the company services its obligations, not merely how one headline figure has changed.